I.
It's pretty simple really:
Two Scenarios:
1) If Prosper chose the disbursement company and we were not paid by 1/31 or whatever, then Prosper is in default. It would be like me hiring my friend to deliver something I owed you. If you don't get it, I am liable to you. The friend would be liable to me, but that has no bearing on my obligation to you.
2) If the disbursement company is appointed by the court or our legal representation, it could be argued that Prosper met its requirements and isn't in default. The disbursement company, however, would owe us interest (legally in CA it is 10% per annum, so approximately 7% since it was 8 months late).
II.
I had a hard drive issue and lost my information on the first disbursement. Can people tell me whether it was the same amount for disbursement two as last year's?
III.
Assuming it's the same as last year, what has become of the funds that weren't cashed by class members? Those were supposed to be disbursed to us. In the disbursement check I got were the words that if not cashed within 120 days the amount is subject to redisbursement (to others in the class I'm assuming). This tells me after 4 months we should receive a follow up check of probably an additional 5-10% of what we were paid in the disbursement. This means the disbursement company is also holding on to these funds as well. Unless we are to believe that every single class member was able to be contacted and that every check was cashed and even those that were for $.05 were cashed, which of course in nonsense.
IV.
Fred, would you be able to ask your two contacts at the law firm and the distribution company about the follow up payments on undisbursed funds? And whether interest will be forthcoming on the funds they illegally held for 7 months? I would be willing to if you forward me their emails and you don't want to.
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Topic: Prosper Class Action Suit Settled for $10 Million Over 3 Years (Read 7023075 times)